Economy of Cyprus

Almost all of the productivity growth in Cyprus' economy over the past three years can be attributed to the information and communication technology (ICT) sector, according to the third Competitiveness Report of the Cypriot Economy released by the Cyprus Economy and Competitiveness Council (CEC).

Sklavenitis Cyprus has announced the integration of Papantoniou Supermarkets into its network. This move strengthens Sklavenitis' presence in Cyprus, bringing its total number of stores to 27, while retaining 769 jobs.

Cypriot banks are urging a combination of government and regulatory policies to achieve a healthy, effective and optimal green transition.

Banks stress their key role in this transition, emphasizing that while they should make significant financial contributions, the government must also align its policies with the banks to facilitate the green transition.

The shipping industry pumped a staggering 623 million euros into the real economy of Cyprus last year, solely through ship management.

Cyprus' economic growth is estimated at 2.5% in real terms in 2023. At current prices, the increase in gross domestic product (GDP) is estimated at 7.1%, according to the Statistical Service of Cyprus (CyStat).

Cyprus leads all European Union countries in the supply of cross-border investment services, Cyprus Securities and Exchange Commission (CySEC) Chairman George Theocharides said during a Parliamentary Finance Commission meeting in Nicosia.

The financial services sector has witnessed 12% growth over the past four years in Cyprus, particularly in investment companies, he said.

The Cyprus Fiscal Council has been taking a close look at how the Cypriot economy is doing, and is now offering some important information based on its study. It supports the ideas that the 2024 budget is built upon, saying they could really help the economy if put into action. But, there's a bit of worry about how much money the government will make and how much the economy will grow in 2024.

Cyprus' Finance Ministry fended off accusations fired by the opposition that government policy has taken its toll on the economy.

"The Cypriot economy continues its upward trend and, unlike other European countries which are entering a recession, Cyprus recorded the second highest GDP growth rate in the eurozone, after Spain, during the first half of the year," the ministry said.

Revenue from tourism in Cyprus amounted to €45.6 million euros in January 2023, significantly surpassing the revenue from tourism in January last year, as well as in January 2019, a record year for Cypriot tourism.

Nicosia has been illegally divided in two by Turkey, which occupies part of the city